| 摘要: |
| 本文采用2009－2019年中国A股上市公司面板数据作为研究样本，使用双向固定效应模型实证探究了机构投资者持股对企业创新的影响。研究结果表明：机构投资者持股对企业创新的影响作用存在异质性，其中公募基金持股对企业创新数量和创新质量均存在显著抑制作用，信托持股对企业创新数量和创新质量存在正向激励作用，而合格境外机构投资者持股仅对企业创新数量存在正向促进作用。进一步采用中介效应模型检验公募基金持股对企业创新数量产生抑制作用的影响机制，发现企业研发人员数量变化是其作用途径。研究结论为差异化引导机构投资者服务企业创新提供有益的实证证据和政策启示。 |
| 关键词: 关键词：机构投资者持股；企业创新；中介效应 |
| DOI： |
| 分类号:G11；G24；O32 |
| 基金项目: |
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| Institutional Investor Shareholding and Enterprise Innovation：Inhibition or Promotion? |
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SHENG Nai-yong
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(Xin Jiang University of Finance and Economic)
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| Abstract: |
| This paper uses the panel data of China’s A-share listed companies from 2009 to 2019 as the research sample，and uses two-way fixed effect empirical research to explore the heterogeneity of institutional investor ownership on enterprise innovation.The research results show that institutional investors’ shareholding does have heterogeneity in its impact on enterprise innovation.Among them，public fund shareholding significantly inhibits the number and quality of enterprise innovation，trust shareholding has a positive incentive effect on the number and quality of enterprise innovation，while qualified foreign institutional investors’ shareholding only has a positive promotion effect on the number of enterprise innovation.We further use the intermediary effect to empirically test the impact mechanism of public fund shareholding on the number of enterprises’ innovation，and find that the change in the number of enterprises’ R&D personnel is its way of action.The research conclusion provides useful empirical evidence and policy enlightenment for differentiation to guide institutional investors to serve enterprise innovation. |
| Key words: Key words：Institutional Investor Shareholding；Enterprise Innovation；Intermediary Effect |
